Which of these best describes the marketing mix?
The production methods that are mixed together to make a product
The one element of product, price, place or promotion that a business will use
How the four elements of product, price, place and promotion work together
Which of the following statements about the marketing mix is false?
The different elements of the marketing mix should not be linked
The marketing mix is often referred to as the four Ps
A coherent marketing mix can help to establish a strong brand image
A business offers a 20% reduction off the usual price of a product. Which element of the marketing mix is influencing the price?
Promotion
Place
Product
A clothes manufacturer launches a new line of clothing with a unique long-lasting fibre. Which element of the marketing mix is it using to gain a competitive advantage?
Price
Which of these would be a mistake in the marketing mix of a supermarket’s own-brand product?
Making the product available in most of the supermarket’s stores
Charging a higher price than the leading brand
Promoting the product in daily newspapers
Why might a business decrease their prices?
Competitors lower their prices
Inflation
A price increase from suppliers
What is the main purpose of marketing?
To promote competitors
To increase losses
To increase sales
Which of these is an example of gaining a competitive advantage using price?
Responding to a new competitor by being the cheapest in the market
Responding to a competitor’s promotional campaign with a series of radio adverts
Launching a new, innovative product with unique features
Responding to a new competitor by being the cheapest in the market is an example of gaining a competitive advantage using price. Launching a new, innovative product with unique features relates to the product itself.
Launching a new website that enables orders to be placed online and then delivered
Running an advertising campaign on national TV to promote the new website
Reducing the prices on the website for a limited time to celebrate its launch
A gold necklace is sold for a higher price than a silver necklace. Which element of the marketing mix is affecting the price?